Global bulk steel alloys short-term outlook November 2023

Bulk steel alloy markets continue to be characterised by abundant supply and lacklustre demand. A key exception is the chromium ore market where understocking has kept prices supported. Generally, prices in China have continued to soften, while in Europe prices are beginning to rebound after declining to their floor level in the preceding months. Market sentiment and consumption in China will begin to benefit from a newly announced raft of economic stimulus, as industrial production in western markets continues to gradually recover. This will provide impetus for some underperforming bulk steel alloy markets to improve in H1 2024.